Here’s an interesting article suggesting some changes for the journalism business. Not sure I agree with all the ideas (certification for reporters?), but we’re on the same page that there’s a problem.
As monopolists or near-monopolists, the publishers of the last century enjoyed abnormally high profit margins: 20 percent to 40 percent. Newspaper companies might believe that those abnormal margins are their birthright, but they’re not. High-quality journalism is still economically feasible, but it will never again be as profitable. The real problem is adjusting to profit levels that are normal for competitive markets.
Mr. Meyer offers some interesting solutions like using foundation money to fund investigative projects.
Read the whole thing.